Bankruptcy

Cascades inc. announces that the second paper machine at its St. Helens, Oregon, tissue plant will be closed, resulting in the complete shutdown of the facility. The end of operations will be effective at the beginning of October.

The background is weak profitability, high production costs and large future investment needs. The sawmill, located 3 km off the E67 Pärnu-Tallinn highway, produces about 80,000 m3 of pine and spruce lumber.